London Mining Plc is a UK-based company that is developing mines for the steel industry. It has 100% of the Marampa hematite iron ore mine in Sierra Leone, 100% of the Isua magnetite iron ore project in Greenland, a 50% stake in on the Wadi Sawawin joint venture in Saudi Arabia, a 50% stake in the China Global Mining Resources joint venture and a 100% stake of an coking coal development project in Colombia. The Company listed on the Oslo Stock Exchange on 9th October 2007 and on London AIM on 6 November 2009.
Iron ore firm London Mining (LON:LOND) revealed today that its chief operating officer and executive director Luciano Ramos has upped his stake in the firm.
On Friday, Ramos bought 50,000 shares in the company at 383 pence per share - giving a transaction cost of £191,500.
Ramos now holds 659,667 shares in London Mining.
He also holds options over 2,000,000 shares.
Earlier this month, chairman Dr Colin Knight also increased his stake in the company, which is developing three iron ore mines in Sierra Leone, Greenland and Saudi Arabia as well as a coking coal project in Colombia.
Knight exercised share options on September 1 and bought 40,000 new shares in the process.
Early in August, the company said it will receive US$30 million as part of a deal which will fund the development of the company’s Isua Project in Greenland.
In return Anglo Pacific Group, which is putting up the cash, gets a one per cent royalty from the sale of iron ore concentrate from Isua.
The money will fund the company’s bankable feasibility study on Isua, which is due for completion by the end of the year.
The project is slated to be a 15 million tonne a year open pit and processing operation with an initial 15-year mine life. First production is targeted in 2015.
The deal is subject to the company hitting certain milestones, one of which is the completion of the BFS by the end of 2012.